What do I need to know if I have a Medigap (Medicare Supplement Insurance) policy that covers prescription drugs and I have the Original Medicare Plan (Medicare Part A and Part B)?
Medigap policies are changing. You won’t be able to buy new Medigap policies that cover prescription drugs after January 1, 2006. This fall you will get a detailed notice in the mail from your Medigap insurance company describing your choices for prescription drug coverage. Read the notice carefully before making any decisions. You must join a new plan that provides Medicare prescription drug coverage to have Medicare help pay for drugs. This will reduce your premium costs because Medicare pays most of the premium for Medicare drug plans. You can first join a Medicare Prescription Drug Plan from November 15, 2005 – May 15, 2006. Most prescription drug coverage offered by Medigap policies, on average, is not at least as good as Medicare prescription drug coverage. This means, in most cases, if you keep Medigap prescription coverage, and don’t join a Medicare drug plan by May 15, 2006, you will have to pay a penalty if you choose to join later. Your next chance to join will be November 1
Related Questions
- What do I need to know if I have a Medigap (Medicare Supplement Insurance) policy that doesn cover prescription drugs and I have the Original Medicare Plan (Medicare Part A and Part B)?
- What do I need to know if I have a Medigap (Medicare Supplement Insurance) policy that doesn’t cover prescription drugs and I have the Original Medicare Plan (Medicare Part A and Part B)?
- What do I need to know if I have a Medigap (Medicare Supplement Insurance) policy that covers prescription drugs and I have the Original Medicare Plan (Medicare Part A and Part B)?
